Private homebuyers head to auction

Posted: 19 Jun 2007 10:54:24 GMT

As the cost of property in the UK continues to increase, many private homebuyers are turning to auctions in an effort to find themselves a bargain.

As the cost of property in the UK continues to increase, many private homebuyers are turning to auctions in an effort to find themselves a bargain.

According to the Essential Information Group (EIG), more private homebuyers are looking to find a bargain at auction rather than through the mainstream market, as prices continue to remain high.

David Sanderman, managing director of EIG, explained that the demography of buyers at property auction is changing considerably and he pointed out that increased online access has helped to bring about this shift.

Mr Sanderman explained: "It is not now seen as a sale of last resort. With the advent of the internet we can get information out to private buyers. Auctions are no longer the preserve of investors and developers."

He added that over the past few years, the property auction sector has seen a ten per cent annual growth in private property buyers.

As a result, Mr Sanderman said that private buyers are now seeing greater acceptance from vendors at property auctions.


© Houseladder Ltd